MINING.

Otago Daily Times, Issue 8862, 21 July 1890, Page 3

MINING.

HOTES FEOM KBEFTON. (Fbbm Oub Own Coriih3poi;dekt.) Ekektoh, July 19. The Brokers' Association report;-"The share market for the pant week has shown less life than for some time past, bnt values remain comparatively unchanged and no marked depreciation is noticeable. The weekly yielde from the different min»3 in optratioa are in every case highly satisfactory, aod this evening there is a much better tone and leelmg all round. Globe got easier at the beginning of the week and hod some business at 21s 61, buyers offering 21« fr°ely. lukerman were In fair demand at 24a 6d; salfa at. 21s 9d and 25s wllh few parcels offering.: Big Kiver had fair inquiry and come business up to 83 Bd. Golden Treasure imoroved and hail transactions at Is Bdtolslod, with a much firmer demnnd this aftsrnoon at an advance, 'i hia property is oaid to bs improving considerably. Gallant remain -tntionnry at Is ld.nnd matters in the mine are looking healthy. Hidden Treasure sold p.t Bd. Hercules hid goud buyers at is sd, and mmn aale3 at 2j fid, holders asking an advance. Heward wera inquired for, sales at 9d, sellers to-day asking Is. Cumberlaud, upon a dißeuvevy of gold bj.irins stone, came into demand, mid sold at low price 1. Fresh developments from this quarter are loakcd for any day. Shareßin the Merrijigs companies generally have- b;en quiet, as might be expected at the present stage, but when nrr-nffements ns to crushing arc more advanced they will have a fair share of Dostco. United Mpine keep stationary, notwithstanding the fact that better returnßfrom the battery are coming to hand and the m Mi<May quoUtlons =-Golden Treasure. Is 8d to 2a; BalUnt (sellers), Is Id; Globe. 21s to 24s 6d; Inkermana*» 3d to 255; Hercules, 2s 54 to 2s 8d; Kc"ard. Mto Is; Wealth (sellers), 43. . The following are the battery returns for the past wpek -—United Alpine, 2190z amalgam from ISO ton i•' <i°M°n 'J-'reasure, 4820z amalgam .from 106 tons- No 2 Dark. 970z 13dwt retorted gold from 65 tons! lakerman, 1520z amalgam from 80 tons ; Progress, 170oz amalgam (15 heads); Globe, <J27oz amal--Baoumbaoumbe nrlan°d t(Merrijigs).-The mine manager reDOrtß ._■• since last report I have stoped further along the reef and cut deeper into it. The lode is about 3ft Bin wiile of solid, clean Btone. There are 2ft of Dug and quartz leaders on the foot wall before coming to the solid stone, which I think will make into Bolid quartz. I have prospected it by crushing and got very good results. Tho cap of the reef is *"lryan<l shows good prospects of loose gold, but it lets harder as It goes down, with a strong.underlie wes" and I tnink will be a good thing. The directors had better come out to decide upon the future CoVenu°s — Too mine manager reports!—" During the week No. 1 tunnel has been driven 16ft, making the total 87ft. The reef is 2ft thick very regular, and showing gold. Water is coming in freely from the s-one underlie, which is about si,i Ik lit. The ground is now more regular than formerly. Hercules.—Nine fee', was driven In the crosscut from the main shaft towards the rest last wetk. 'i he oTiik2n!an-The mine manager reports:-" The level Kohignorth has been driven lOtt for the week; to.a dU ance driven on stone, 78ft. The reef in the u£ of the drive at present is, ate Sin wide, shnwing eood cold. The south level has been driven Bft, for fhe week. There is no stone In the face. I have ktio-k-a off driving it for the present. Sixty-three X.toping hasten done tor the week. Three Btones have been opened north and south from tne whTz" and are all looking well for stone, there being torn 2ft to 3ft 6in of stone showing in the "--^rent faces. Ninety tons of Btone has been sent to tho b? IWres8dDOnl hy lTheads of stampers are runnlrjg, the other 10 being hung up. The repairs will be completed about the end of the week.

Resolution.—Tho prospector haro reports that he has about 2ft of stone which he will start to sink on In Hm Incoming week. Reward. This property is Idle at present, but there is aorao talk of tho early starting of oneraSunreme.— Nothing lias been done hero Bince tho last crushing. One man is loft in charge of the mine and plant. Golden Treasure.—The splendid returns to hand from the battery have been the topio of general remarks. The mine manager's report Is not yet to hand.

Attention having been long called to the enormous loss of gold resulting from the running to waste of tAllings from many of the quartz batteries, a proposnl Is now before the dlrecton of the leading companies, on behalf of a strong outside syndicate, to erect extensive works In Keefton for the P™Per treatment of pyrite«. The companies are asked to guarautee to the syndicate all pyrites obtained for a period of two years, the companies receiving 60 per cent, gross of all gold obtained. The proposal is now under consideration. Four or five months n e o Captain Parker, representative of English capitalists, visited Heefton in connection with other w«t coast centres in questlot alluvial mining properties. He opened <w><n nrmnpptine tests, which are to be made at Tno *A"the "round is undoubtedly payable, the %-entu-e Is a" good as closed. The purchasers purTho e7hare Bmarke n t 9Um Puch depressed, and with the sole exception of Is rise in Golden Treasures quotatlons'are unmoved.

THE CRAYFISH ISLA.ND DISCOVBHY.

The Southland TimßS, refering to the discovery of quartz at Crayfish Island, off Preservation Inlet, says:—" Messrs Cullen and Clark came unon an outcrop'of quartz boulders upon the beaoh— indeed extending below high water mark, a* the boulders were covered with kelpandsbellfish. Thteeboulders they found were very rich In gold—bo rich that the estimates of the value of the stone made by those who have seen it go into very big figures indeed. The old fellows—who appear to have ' struck it rich ' for once-have cracked about 30owt. of tha boulders and had it ready to coma away, bur, ths Kakanui could not wait forit. There are indications of walls to a reef where the boulders were found, but whether the formation continues through tho bland (about half a mile) investigations so far have not proved. The apparent trend of the outcrop is north and south, or directly into the mainland, and it is thii fact that lends additional interest to the discovery, as it is considered probable that a reef may be traced thcra. On the other hand, the wedge of qnaitz visible may pinch out close to the baacb, but in auy case there seems to be no doubt that the crushing of Cullen and Clark's boulders will pay them handsomely, and no one will grudge the old men whatever of good fortune is in it. Another of the party returned by the Kahiuinl informs ub that the quartz discovered by Messrs Cullen arid Clark 6hows no formation of a reef, but is disconnected boulders, overgrown with barnacles and seaweed. When the growth is rubbed off, however, gold is seen all over the fnce, aud when broken up Is found fo be all through it. Our Informant shows four pieces picked up at random from the splinters, and every one of them containea gold, and thut pretty liberally distributed," The return from the Dunedin Gold Dredging Company's dredge was 550z Bdwt gold for Bix dajs The directors of the Golden Bar Dredging Com pany, Lower Shotover, received the following telegram on Saturday :—" Dredge running four hours. Fairly successful. Float her down on Monday." ' — __________